North Korea is experiencing hardship after the crypto crash wiped off millions from its stash of stolen digital assets. Reuters reported on June 29, citing four digital investigators. According to the investigators, the bear market threatens a key funding source for Pyongyang and its weapons programs. Allegedly, North Korea has invested heavily in sophisticated crypto hacking groups over the years. As a result, the country has become a significant threat, successfully orchestrating multiple high-profile attacks on the crypto space. An…
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Voyager Lowers its Daily Withdrawal Limit Following 3AC Debacle
Cryptocurrency brokerage platform Voyager Digital recently reduced its daily withdrawal limit down to $10,000.
That’s a 60% drop from its previous $25,000 limit, prior to its financial problems relating to Three Arrow Capital (3AC).
- Voyager published its new withdrawal limit on its site in an update on Wednesday. It states that users can withdraw $10,000 within a 24-hour period, with a maximum of 20 withdrawals.
- The news follows Voyager’s worrying reveal that it had over $700 million in exposure to 3AC on Wednesday. This exposure came in the form of Bitcoin and stablecoins.
- Voyager is far from the first platform to start implementing withdrawal restrictions this month. Staking platform Finblox significantly reduced its withdrawal capacity upon the reveal of 3AC’s insolvency. The platform counted 3AC among its investors.
- 3AC’s co-founder revealed that the firm would seek bailout options last week. Binance, however, has already voiced its decision not to extend such a credit line to rescue the company.
- Other crypto lending platforms, including Babel Finance and Celsius, have been forced to halt withdrawals entirely.
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On Thursday, crypto exchange CoinFLEX had to do the same, while also placing all FLEX coin trades on hold.
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